Exam 5: Measuring a Nations Income

If the Canadian government pays a retired Member of Parliament $80,000 in retirement benefits in 2019, how is the payment treated?

If Deanna decides to cut her son's hair herself instead of having a hairdresser do it, what is the impact on GDP?

Which statement best describes the evolution of the Canadian economy over the past decades?

If the government reports that "GDP has increased at an annual rate of 8.0 percent for the fourth quarter of 2019," by how much has GDP increased?

The government reports that "GDP increased by 1.6 percent in the last quarter." What does this statement mean?

In 2018, what were Canadian net exports?

-Refer to Table 5-2. Using the GDP deflator to measure the average level of prices and using 2017 as the base year, what is the economy's inflation rate?

In 2018, what size was Canadian investment?

In Canada in 2018, what percentage of GDP was consumption?

What is included in GDP?

Which of the following is counted in GDP?

What would be the cause of a 2% increase in nominal GDP?

According to Canada's official poverty line, which of the following cities has the highest poverty line?

Dave builds bird houses at a negligible cost. He sells 5 percent more bird houses this year than last year. The market price this year is 2 percent lower than last year. Which inflation rate makes Dave as well off this year as last year?

Which method did the federal government make the official poverty line in 2018?

Which of the following examples would be included in GDP?

Margret reports the following income for the last year: $80,000 from employment, $2000 interest from bank accounts, and $25,000 profits and dividends. Of this income, she has spent $50,000 on food and other consumption goods, $20,000 on vacations abroad, saved $10,000 in her retirement account, spent $20,000 on purchasing extra shares and $10,000 on new computers for her business. a) What was the increase in GDP generated by Margret's activity? b) What are her certain contributions to consumption, investment, and net exports? c) What is the value of production that was newly created by Margret's productive activity?

In the nation of Ophelia, quarterly GDP is always higher in the second quarter than in other quarters. In order to account for this predictable jump in GDP, what will Ophelia's government statisticians most likely do?

What was the approximate Canadian GDP in 2018?

What best defines the GDP deflator?